The housing market has flipped on its head. New houses are now significantly cheaper than old houses. $392k for new v $420k for existing as of Oct 2025. Which is strange. Because normally new houses sell for nearly 20% more than existing houses over the last three decades.

Rates Plummet to 3 Year Lows, But There Are Caveats 30 Yr. Fixed: 5.99% (-0.22% ▼) | 15 Yr. Fixed: 5.55% (-0.19% ▼) | https://t.co/wi4v9nRVdv

The good news for the housing market: 30-year mortgage rates have fallen to the lowest since 2022. The bad news: the average rate is still 6.23%, versus a low of 2.82% in 2021 and average of 4.89% over the past decade.

every government intervention to make housing more affordable via demand side actions makes housing less affordable, something that we have close to 100 years of evidence for in this country. Please read All the Devil's are Here.

47 million rental units in the US, of which 14 million are single-family rentals. If you define ‘institutional’ as owning 1,000+ homes, they are 3.4% of the 14 million. If your threshold for ‘institutional’ is 100+ homes, it’s 7.2% ownership of all single-family rentals.

Shelter CPI has now moved down from a peak of 8.2% in March 2023 (highest since 1982) to 3.0% today (lowest since August 2021). Given its long lag vs. real-time rental data (-1.1% YoY), a continued move lower is expected.

Regardless of the rent/OER methodology issues in today’s CPI, we know from our trackers and surveys the rental market is struggling. Very weak decelerating new lease growth, which will help keep a lid on inflation well into 2026. Not the best demand story, but if inflation is the

From @fcastofthemonth "This is totally inexcusable. The BLS just assumed rent/OER were zero for October. I am sure they have a good technical explanation for this, but the only way you get a two-month average for rent of 0.06% and OER at 0.135% is assuming October was zero.

Super-Core CPI (ex-food, energy, housing) lowest since 2021.

CPI Nov drops to 2.7% All, 2.6% Core. Will help mortgage rates drop to low-6s (then maybe high-5s once Fed succession pick announced).

As the market gets punch-drunk on the idea of tokenizing everything, it's worth taking a step back to ask "why tokenize something?". Generally when someone pitches me an idea of putting something on blockchain, it's because of perceived efficiencies (blockchain is generally not

Worth watching: a measured, accurate housing 2026 outlook with @juleshyman at @YahooFinance and my friend Jeff Taylor at @Mphasis @DigitalRiskCo — he debunks the 40-year-old first time homebuyer headlines, and talks rates and state of affordability too.

Dec 2010. Dec 2025.

How Netflix's acquisition of Warner Bros changes the media company pecking order More charts of the week: https://t.co/OV3JEhla7L

Wild chart from Jim Reid at Deutsche Bank, showing how much OpenAI is expected to burn before turning a profit. A couple things stand out also: How small the $AMZN burn really was for its first 8 years. How big the $UBER burn was before ultimately getting in the black

🚨Big news in the RWA ecosystem! Congrats to @Figure on launching the new RWA Consortium, bringing together leading Solana and crypto partners to expand institutional-grade, onchain credit markets for DeFi users.

Visualized: Where School Teachers Earn the Most in America 🍎 https://t.co/sYu9mNz7R2

2 great excerpts from @mosseri back to office in 2026 memo sent to all Instagram and Threads employees… all companies should do this. === 2. Fewer meetings: We all spend too much time in meetings that are not effective, and it's slowing us down. Every six months, we'll cancel